Ex-Ekiti Governor Ayodele Fayose Cleared Of N6.9B Fraud Charges

‎The Federal High Court in Ikoyi, Lagos, on Wednesday, July 16, 2025, discharged and acquitted former Ekiti State Governor Ayodele Fayose of all charges in a high-profile N6.9 billion fraud and money laundering case brought by the Economic and Financial Crimes Commission (EFCC).
‎
‎The decision, delivered by Justice Chukwujekwu Aneke, marks the end of a seven-year legal battle that has drawn significant public and political attention.
‎
‎Fayose, who served as Ekiti State Governor from 2003 to 2007 and 2014 to 2018, was initially arraigned by the EFCC on October 22, 2018, alongside his company, Spotless Investment Limited, on an 11-count charge bordering on money laundering and stealing.
‎
‎The charges alleged that Fayose received N1.2 billion in cash and $5 million from former Minister of State for Defence, Musiliu Obanikoro, without using financial institutions, to fund his 2014 gubernatorial campaign.
‎
‎The EFCC further accused him of laundering over N1.6 billion to acquire properties in Lagos and Abuja through proxy companies, De Privateer Ltd and Still Earth Ltd, in violation of the Money Laundering (Prohibition) Act, 2011.
‎
‎Additional allegations included retaining N300 million and controlling N622 million, funds he allegedly knew were proceeds of crime, as well as using N200 million to purchase a property in Abuja under his sister’s name, Moji Oladeji.
‎
‎The trial, which spanned nearly seven years, saw the EFCC call approximately 20 witnesses and present extensive evidence.
‎
‎However, Fayose’s legal team, led by Senior Advocates of Nigeria (SAN) Chief Kanu Agabi and Olalekan Ojo, filed a no-case submission on May 19, 2025, arguing that the prosecution failed to establish a prima facie case.
‎
‎Agabi emphasized the absence of key alleged co-conspirator Abiodun Agbele from the charge sheet, weakening the EFCC’s narrative.
‎
‎He also argued that the prosecution could not directly link Fayose to the alleged crimes, noting that witness testimonies, including that of Obanikoro, failed to establish communication between Fayose and former National Security Adviser Sambo Dasuki, from whom the funds allegedly originated.
‎
‎Justice Aneke, in his ruling, upheld the no-case submission, stating that the EFCC’s evidence was insufficient to prove the allegations beyond reasonable doubt.
‎
‎“The prosecution failed to link the defendant to the alleged crimes in a manner that warrants this court to call upon him to open his defence,” the judge declared, discharging both Fayose and Spotless Investment Limited.
‎
‎The verdict sparked emotional scenes outside the courtroom, with Fayose breaking into tears and chanting “Winner ooo, winner!” alongside supporters.
‎
‎In a celebratory gesture, he was seen sharing a meal of amala and ewedu soup with bricklayers, a moment that quickly gained traction on social media. Fayose, a vocal Peoples Democratic Party (PDP) chieftain, has consistently maintained that the charges were politically motivated.
‎
‎The EFCC, expressing dissatisfaction with the ruling, announced plans to appeal the decision at the Court of Appeal.
‎
‎In a statement by spokesperson Dele Oyewale, the agency reaffirmed its commitment to the rule of law and said it was studying the judgment to prepare its appeal.
‎
‎The EFCC’s counsel, Rotimi Jacobs (SAN), had argued during the trial that Fayose’s use of proxies for property purchases and failure to use personal bank accounts raised suspicions, citing testimonies from Obanikoro and EFCC investigator Abubakar Madaki. Despite these arguments, the court found the evidence lacking.
‎
‎The acquittal comes amid speculation of political interference, with reports on June 25, 2025, suggesting that the government was attempting to abandon the case.
‎
‎Fayose’s recent meeting with President Bola Tinubu and other PDP leaders, including FCT Minister Nyesom Wike, at the Presidential Villa fueled these claims, though no concrete evidence has been confirmed.
‎
‎Fayose has publicly praised Tinubu’s economic stabilization efforts, urging support across party lines.
‎
‎This ruling adds to the list of high-profile EFCC cases against politically exposed persons that have been dismissed, raising questions about the agency’s prosecutorial effectiveness. For Fayose, the acquittal is a significant victory, reinforcing his status as a resilient political figure in Nigeria’s dynamic landscape.